Berkadia Secures Construction Take-Out for Mixed-Income Bronx Apartments

Berkadia secured a $31.878-million construction take-out loan for a new mixed-use apartment property with market-rate and affordable units located at 4180 Carpenter Ave. in the Bronx. Senior director Matt Nihan arranged the financing on behalf of the sponsor, Stagg Group, reportedly the largest owner and operator of quality, affordable housing in the Bronx.

Berkadia provided a fixed-rate loan via Freddie Mac with a 10-year term. Proceeds of the loan will be used to retire the existing construction loan.

“The Berkadia team successfully secured long-term, fixed-rate agency financing for this multifamily development, providing the community with much-needed high-quality income-restricted units built under the 421a(16) tax abatement program,” said Nihan.

The five-story property was built in 2024 and offers nine market-rate studios and 55 market-rate one-bedrooms, along with one affordable studio unit, 23 affordable one-bedroom units and four affordable two-bedroom units. It has 8,000 square feet of commercial space, leased to Little Stars Daycare.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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